Wei provided the full rundown on how China is absorbing the energy shock:Major Fall in Net Imports, but Total Energy Demand Growth Still Positive. These reductions in fossil fuel net imports were the largest source of negative total energy demand growth, representing -3.7pp/-0.3pp/-1.2pp of China's total YoY energy demand growth of +0.4% (Exhibit 5). To roughly estimate the impact of the supply shock on energy consumption, we estimate counterfactual consumption growth as the average +3.1% annual total energy demand growth rate from 2014-2023. The bulk of the rise in total energy consumption has been driven by the effective destocking of fossil fuels. Effective natural gas destocking accounted for 0.2pp of total YoY energy demand growth (Exhibit 5).